Great Point Partners (GPP), a Greenwich-based private investment firm focused on the health care industry, has sold its GPP II portfolio company Clinical Supplies Management (CSM), a provider of clinical trials drug packaging, labeling and logistics solutions, to Clinigen Group PLC, a British pharmaceutical and services company.
According to the terms of the transaction, Clinigen’s purchase involves an initial cash consideration of $150 million on a cash-free and debt-free basis, and the company will pay an additional $90 million in cash if CSM achieves growth over a predetermined level of EBITDA by Dec. 31, 2019. GPP acquired Malvern, Pennsylvania-based CSM in 2016.
“This acquisition is an exciting next step in line with our strategy and realizing our vision to become the global trusted leader in access to medicines,” said Shaun Chilton, CEO of Clinigen.
“CSM will expand further our global supply and distribution network in strategically important regions, particularly Continental Europe, and will support all parts of our business,” Chilton added. “It extends our platform to provide access to medicines from the prelaunch and unlicensed stages through to licensed status on a global basis.”